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Property Management Minutes

Thoughts and Observations on Marketing, Leasing, Maintenance and Property Management Operations

Three Keys to Unlock The Marketing Plan

Three Keys to Unlock The Marketing Plan

There are three keys to unlock the monthly marketing plan.

House key on keychainWe need to evaluate and analyze our occupancy.

Between the homes that are currently vacant.  Adding the exposure for upcoming renewals.  Then consider the apartments that are on notice;.  We can then determine whether or not we have a sufficient number of interested prospects for these homes.

We can then determine what actions will increase or finalize lease offers to maintain and improve occupancy.  Some ideas could include:

Open house events Inviting preferred employers, Reviewing guest cards for previous prospects.

Product.

As we consider apartments that are coming available, we need to evaluate our product. Its important to maintain an appropriate inventory of ready apartments.  Seasonal focal points and accessories in the furnished model will create a fresh appearance.  Several times a year, there are published notes about the the color of the year.  Incorporating this into your model home can always create a talking point.

Resident Referral Offer

A reminder to current residents that we would love to compensate them for referring friends, families and other acquaintances our way.  If you consider the impact of employers, churches, medical providers and other services our residents contact daily; the impact of general referrals is huge.

Preferred Employer

Honoring a Preferred Employer Discount creates a local connection to area businesses and employers.  HR and Relocation Services will include information in the Onboarding to inform employees new to the area about possible discounts.

House key on keychainSecond Key Resident Retention

We cannot undervalue the impact of our current residents.

Resident Appreciation is key to Resident Retention.  Monthly activities like Breakfast on the Go, or events celebrating the seasons are easy events to plan.  Communicating with our residents through out the term of the lease is important.

An effective resident retention program can save a community thousands of dollars by reducing annual turnover.  Resident Retention begins the day a resident signs their lease.  An organized scheduled resident retention plan, such as the outline provided by Elaine Simpson in her handbook, Close the Back Door. provides a quick and easy guideline to and effective program.

House key on keychainThird Key Community Outreach

Lastly, our communication with businesses and agencies that can be a point of general referrals.  This can be as simple as attending municipal meetings like the Chamber of Commerce or the Rotary Club as long as you have the ability to share information about your community.  You can host local real estate open house luncheons, sponsor an event for a pet shelter.  Anything that gets the community name into the public eye, and not necessarily about offering apartments for rent.

With these three keys the monthly marketing plan takes shape and we know that we have provided a balanced approach to supporting the occupancy at our community.  In addition to the focus and appreciation of our current residents.

 

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